|Parking passes prevail on College|
|Written by Allie Maher, Daily Vidette Staff Writer|
|Tuesday, 26 June 2012 17:47|
The Normal Town Council settled on amendments to the their agreement with contractor Rodney Poole and Associates at the council meeting June 18.
Poole plans on beginning the construction of a liner apartment building on the south side of the College Avenue parking deck next year.
Under the new agreement the Town of Normal will make monthly parking passes available at the current market rate to apartment tenants.
The original agreement stated that the town was to provide 60 parking spaces in the deck to the developer at standard market rate.
However, the financing of the parking deck with tax-exempt general obligation bonds prompted Town Attorney Kurt Froelich to recommend an amendment.
The amended agreement also requires the town to provide maintenance to the parking deck.
“Essentially there was not a lot of change to the agreement. Legal language was worked out to make the agreement more contractually feasible,” Town Council member Chuck Scott said.
Upon the leasing of parking spaces for apartment tenants, there will be no changes to the parking deck for the public.
“The rates at the deck have been cut by 50 percent to have reduced rates for Uptown merchants, their employees, and their guests,” Scott said.
The College Avenue deck was designed with the future construction of housing on its south side in mind.
In 2007, the parking deck site was divided in two lots, one being for “liner” housing to mask the parking garage on College Avenue.
Due to the economy, Poole was the first with a development proposal in 2011. The developer is paying $56,400 for the property. There are no expected expenses for the town.
Scott said that the building is expected to have 40 two-bedroom apartments.
Town Planner Mercy Davison said Poole anticipates starting construction in 2013 and finishing the building later that year.